The Minnesota Orchestra eked out its second consecutive surplus in the 2007-08 fiscal year, $15,000 in the black on a budget of just over $31 million.

The orchestra “has been vigilant in tightly controlling expenses and creative in developing new ways to reach audiences,” said Jack Eugster, chair of the symphony’s board. “We owe significant thanks to the many individual, corporate and foundation contributors, as well as concertgoers, all supporting the orchestra with such passion and helping us to achieve this result.”

It was more the donors than the audiences who allowed the orchestra to finish the year ended Aug. 31 in black ink. Though attendance at the ensemble’s classical concerts inched up over last year, earned revenue from all ticket sales declined slightly.

The difference was made up for by an increase in contributions and gifts to the orchestra and the fact that the orchestra was able to withdraw more money from its investment portfolio based on gains before this year’s stock market crash.

The orchestra may not be able to count on a similarly large draw from its investment portfolio next year, though. The value of its endowment fell from $106 million to $93 million. When its other investments are factored in, the value of the orchestra’s portfolio declined by 11 percent, or about $20 million. The sour market also increased its pension liability by more than $1 million.

“Our task going forward,” said orchestra president Michael Henson, “is to define strategies for the short-, medium- and long-term that lead our organization to a sustainable financial structure.”

Dominic P. Papatola can be reached at 651-228-2165.

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